Feb 02 2012 |
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MIDEAST MORNING BRIEFING: 4Q Earnings To Drive Gulf Markets
Thursday, Feb 02, 2012
Saudi SE 6663.48 +0.57%
Dubai FM 1453.53 +1.24%
Abu Dhabi SM 2466.06 +0.49%
Kuwait SE 5856.40 -0.22%
Doha SM 8570.41 +0.03%
Muscat SM 5560.96 -0.01%
Bahrain SE 1136.83 -0.26%
Cairo SE 4688.29 +0.86%
Amman 1950.95 +0.22%
ICE Brent $/bbl 111.87 +0.51%
Gold $/troy oz 1750.30 -0.11%
Euro-USD 1.32 +0.15%
DJIA 12716.46 +0.66%
By Nikhil Lohade
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Stock markets in the Persian Gulf are seen supported by international equity strength Thursday as risk sentiment improves on the back of better global economic data.
Several U.A.E. companies such as Dubai Islamic Bank and Mashreq reported their fourth-quarter earnings and that will likely drive trading as regional investor focus remains on financial results.
The euro continued to benefit from improved risk appetite following well-received global manufacturing data and increasing optimism on the outlook for Greek debt talks.
U.A.E.: Dubai shares finished +1.2% at 1453.53 Wednesday; the market is now up almost 12% since hitting a multi-year low of 1301.24 on Jan. 16.
Dubai Islamic Bank on Thursday reported a full-year net profit of AED1.01 billion, an increase of 25% compared to the previous year, and said it would pay a 15% cash dividend.
Mashreq said Thursday full-year net profit rose 2% to AED820 million, from AED803 million a year earlier, as it booked less provisions.
Tabreed on Wednesday said fourth-quarter net profit more than doubled on year to AED52.9 million as the company boosted capacity and struck new long-term contracts.
Abu Dhabi's market was up 0.5% at 2466.06 Wednesday; supported by bank stocks.
Etisalat on Wednesday named Saleh Al Abdooli as chief executive officer for Etisalat in the U.A.E. and Saeed Al Hamli as CEO of Etisalat Egypt, in the company's latest management reshuffle.
National Bank of Abu Dhabi ended +1.4% at AED10.85 on dividend cheer, despite slight fall in fourth-quarter net profit.
Waha Capital said Wednesday its fourth-quarter net profit fell 46% on year to AED93 million, but the Abu Dhabi-based company still plans to forge ahead with new investments.
SAUDI ARABIA: The Gulf's largest market is closed for the weekend.
The benchmark Tadawul index ended +0.6% at 6663.48 Wednesday with volumes at a multi-year high.
Saudi Kayan Petrochemical Co. said Wednesday it will stop production at its high-density polypropylene unit for maintenance work for two weeks.
Saudi Arabian Mining Co., or Maaden, said Wednesday its Maaden Phosphate Co. joint venture with Sabic started commercial production of phosphate fertilizer at its industrial complex in Ras Al Khair on the Persian Gulf.
KUWAIT: The market is closed Thursday on the occasion of the Prophet's Birthday. Trading will resume Sunday Feb. 5, the bourse said.
QATAR: Doha's benchmark index ended flat at 8570.41 Wednesday; the market is down about 2% this year so far.
BAHRAIN: The market finished down 0.3% at 1136.83 Wednesday; dragged by bank stocks.
OMAN: Muscat's market closed flat at 5560.96 Wednesday; the benchmark stocks gauge is down more than 2% for the year.
EGYPT: The market closed +0.9% at 4688.29 Wednesday; the benchmark index is now up more than 29% in 2012.
NEWS FROM AROUND THE GULF: French advertising group Publicis Groupe said Wednesday it has acquired Flip Media, a digital media agency in the Middle East.
Global air traffic in December rose 5.4% from a year earlier, but demand slowed in the second half of 2011 amid a darkening global outlook, the International Air Transport Association said Wednesday, adding it expects this year to be a difficult one for the aviation industry.
-By Nikhil Lohade, Dow Jones Newswires, +9714 446 1694, nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
02-02-12 0523GMT
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